When it comes to residential rental property investing, there are a lot of creative ways we at NRS Rental Property try to help owners maximize their return on investment. Below are eight easy and inexpensive upgrades you can do yourself, averaging only about $50 per upgrade, that will help you maximize your rent and lower your unit’s time on the market.
1. Enhance your bathtub/shower – Install a curved shower curtain rod to give the user a roomier shower experience. Doing so adds about 30% more space where you need it most – for only about $30
3. Upgrade your kitchen sink – Replace the kitchen faucet with a gooseneck faucet for as little as $60.
4. Improve the esthetic of your interior doors – Add molding to your flat door panels for an upscale look and feel. Apply ½-inch molding to flat interior doors to create two rectangular shapes on the door surface. Molding kits, including adhesive, can be purchased for less than $30 per door, not including paint.
5. Add a door knocker to your entry – If you already have a doorbell, adding a substantial door knocker gives a door heft. Door knockers can be purchased for as little as $6.
6. Incorporate an accent wall – Adding an accent wall to your unit’s living space creates ambiance with a simple splash of color. A gallon of paint and the necessary supplies cost about $100.
7. Be Eco-Friendly – Add an eco-friendly showerhead. Save water, reduce your water bill, and add an enhancement to your bath. Prices start at $30.
8. Add a decorative element to your cabinetry and doors – Drawer pulls and doorknobs add pop to your kitchen and bath starting at $10 for a 10 pack.
Most of these rental property improvements are quite simple, meaning many property owners can install the items outlined above without professional help. If you perform the labor, completing the entire checklist at your unit can be accomplished for as little as $400. Our experience indicates that such enhancements will contribute to increases in your rental property income and decreases in your vacancy between leases.
For help with your property management and leasing needs please call us in Chicago at 312-625-0615 or in Orlando at 407-352-3705.
At NRS Rental Property we work hard to stretch your property management dollar further.